Indiana § 23-2.5-8-3 Contract rescission; consideration

Indiana Statutes

§ 23-2.5-8-3 — Contract rescission; consideration

Indiana § 23-2.5-8-3

Title 23BUSINESS AND OTHER ASSOCIATIONS

Art. 2.5LOAN BROKERS

Ch. 8Conduct of Business

This text of Indiana § 23-2.5-8-3 (Contract rescission; consideration) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 23-2.5-8-3 (2026).

Text

(a)If a transaction for which a loan broker has charged a fee is rescinded by a person under the federal Truth in Lending Act (15 U.S.C. 1601-1667e) within twenty (20) calendar days after the date on which a notice of the rescission is delivered to the creditor, the loan broker shall return to the person any consideration received by the loan broker other than bona fide third party fees.

(b)For purposes of calculating the period during which a person may avoid a contract under IC 24-5-10-8 or IC 24-4.5-2-502, a contract with a loan broker is considered to be a sale of services that occurs on the date on which the person signs the written contract required by section 1 of this chapter.

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(a) If a transaction for which a loan broker has
charged a fee is rescinded by a person under the federal Truth in
Lending Act (15 U.S.C. 1601-1667e) within twenty (20) calendar days
after the date on which a notice of the rescission is delivered to the
creditor, the loan broker shall return to the person any consideration
received by the loan broker other than bona fide third party fees.
(b) For purposes of calculating the period during which a person
may avoid a contract under IC 24-5-10-8 or IC 24-4.5-2-502, a contract
with a loan broker is considered to be a sale of services that occurs on
the date on which the person signs the written contract required by
section 1 of this chapter.